Which of the following statements pertaining to leases longer than 12 months is NOT true under the current guidance (for the lessee)?

An operating lease adds an equal asset and liability to the Balance Sheet at inception

A finance lease adds an equal asset and liability to the Balance Sheet at inception

A finance lease liability gets reduced every period by the difference between the cash payment and the interest expense

An operating lease will record a lease/rent expense on the Income Statement every period

All of the above are true